Note the comments about auctions about 45 minutes or so in. Also "sunk cost bias" and "confirmation bias."

Professor Richard Thaler of University of Chicago Booth School, is known as the Father of Behavioral Investing. He began his career in academia as an economist asking the sort of questions that caused his advisors fits. He was fond of identifying where actual human behavior differed radically from homo economicus, the behavior of how economists theorized people behaved. Thus, a new field of economics was born.